By Dan Beenken

Last week we had Garry Smith join us from the American Pop Corn Company – better known to all of us as Jolly Time. It was a cool conversation and we are grateful to the Smith family for sharing with us! 

Garry is the fourth-generation president of the company and has recently announced some major changes regarding leadership.  For the first time in their 110-year history (yes, they started in 1914) Jolly Time will be led by a non-family CEO and senior management team. 

This session was honestly full of great takeaways for myself in terms of seeing how one family business has approached generational transition. Without further ado:

1. Generational Goals 
   You don’t reach 110 years of family ownership by accident. The Smiths are proactive and intentional about so many things – and as is usually the case, its paying off in their longevity. One area Garry highlighted to us was their work around Generational Goal setting. Goals/Values/Vision can change over time. He shared how their family takes time to meet at a generational level to discuss all things business and family. 
   
   What worked for one generation might not always be the best for the next. By trying to shoehorn previous ownership structures and goals to the next gen you often create tension and conflict. Addressing it early and giving the next gen the opportunity to shape their own vision is critical to longevity and I really appreciate Garry sharing this with our members.
    
2. Outside Perspective 
   We’ve been beating the drum about Advisory Boards quite a bit this past year. It was great to have the Smiths echo this with their own shameless plug for how impactful 3rd party perspectives have been for their family business. Garry spoke of the talented, experiences executives they were able to attract to their board and the numerous ways they have benefited from that outside viewpoint.
    
3. Owner Plans
   This was another area Garry addressed and comes directly from the book The Balance Point by Steve Hause – a copy of which all of our member families will be getting this summer.  Here is a sample I would encourage you to check out and then try with your fellow shareholders.

It was a great session with one of the most iconic firms in our state. I am grateful to Garry and his entire family for their willingness to share with our members. I will wrap it up for now and hope to see you at our events this coming year!